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Re:Xi Jinping personally halted Ant's IPO after Jack Ma snub... by dumb1224 on Saturday November 14, 2020 @05:29AM (#25091389)
I don't how much the main stream media are reporting the real underlying issues surrounding these 'on the surface' storms. It is definitely not 'capricious' for us to know in Zhejiang. The 'unofficial / underground' finance world has long become a problem. Big news such as the sentence of Yu Ying, a multi-billion yuan business woman https://en.wikipedia.org/wiki/Wu_Ying, revels a large unregulated network in the east region (nicked named '包邮地区' because all products shipped from here have free delivery). China is definitely lacking in terms of regulation and laws (for non national bank related financing). If you visit my region you will see so many (private/independent) banks operating pop up in the past 20 years. Lending is potentially a very big risk. With Ma's famous optimism and cartoonish ambition it was obvious the gov will step in, the timing is definitely catching a lot of attention...

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